Regulation of Interest

Published in Jan 28, 2021 04:05 PM Updated in Jun 20, 2024 12:24 PM

All regulation provided in this page is a free translation offered only as a convenience for English language readers and it is not legally binding. Any questions arising from the text should be clarified by consulting the original and official version in Portuguese which is available at CVM’s portuguese website.

In order to confirm if this translated version corresponds to the lastest version, please also consult the original version in Portuguese.

Laws

Law 6.385/76: Establishes provisions for the securities market and creates the Securities and Exchange Commission of Brazil, CVM.
Law 6.404/76: "Corporation Act" (as amended by Laws Nº 9.457/97 and 10.303/01).
Law 10.303/01: Provisional Measure nº8 and Decree Nº 3.995 alter and add provisions to Law Nº 6.404 of December 15, 1976, which governs Corporations, and to Law Nº 6.385 of December 7, 1976, which governs the securities market and creates the Brazilian Securities Commission. (Provisional Measure nº8 has been converted into Law 10.411/02).

CVM Rules

Resolution CVM 1: Establishes the nomenclature of acts to be issued by the Securities and Exchange Commission.
Resolution CVM 6: Provides for the issuance and distribution of Investment Certificates for the production, distribution, exhibition, and technical infrastructure of Brazilian cinematographic audiovisual works, amends CVM Instruction nº 541 of December 20th, 2013, and repeals CVM Instructions nº 260 of April 9th, 1997, and 433 of June 5th, 2006.
Resolution CVM 7: Repeals normative acts and other non-normative acts as part of the process of revision and consolidation of normative acts as provided for in Decree nº 10,139 of November 28th, 2019.
Resolution CVM 8: Provides for the public offers of the distribution of Structured Transactions Certificates (COE in Portuguese) and negotiable instruments such as Draft (LF in Portuguese) and Collateral Mortgage Warranty (LIG in Portuguese) made with a waiver from registration, amends the provisions of CVM Instruction nº 400 of December 29th, 2003, CVM Instruction nº 476 January 16th, 2009, CVM Instruction nº 480 of December 7th, 2009, and CVM Instruction nº 541 of December 20th, 2013, and repeals CVM Instruction nº 569 of October 14th, 2015.
Resolution CVM 9: Provides credit ratings in the scope of the securities market.
Resolution CVM 10: Provides for companies that benefit from financial resources resulting from tax incentives.
Resolution CVM 11: Provides for the constitution, administration, operation, disclosure of information and distribution of Investment Club units.
Resolution CVM 12: Provides the preparation and disclosure of consolidated financial statements for Investment Clubs.
Resolution CVM 13: Provides for the registration, operations and disclosure of information of nonresident investors in Brazil.
Resolution CVM 17: Provides for the exercise of the function of trustee and repeals CVM Instruction nº 583 of December 20th, 2016.
Resolution CVM 19: Provides for the activity of securities advisement and repeals CVM Instruction nº 592 of November 17th, 2017, CVM Instruction nº 619 of February 6th, 2020, and CVM Deliberation nº 783 of November 17th, 2017.
Resolution CVM 20: Provides for the activity of securities analyst and repeals CVM Resolution nº 633 of July 6th, 2010, and CVM Instruction nº 598 of May 3rd, 2018.
Resolution CVM 21: Provides for the professional exercise of managing securities portfolios and repeals CVM Instruction nº 426 of December 28th, 2005, CVM Instruction nº 557 of January 27th, 2015, CVM Instruction nº 558 of March 26th, 2015, CVM Instruction nº 597 of April 26th, 2018, CVM Deliberation nº 51 of June 25th, 1987, CVM Deliberation nº 740 of November 11th, 2015, and CVM Deliberation nº 764 of April 4th, 2017.
Resolution CVM 22: Provides for the management and Savings and Investment Plans operations – PAIT, fixes the net worth of the managing institution, and repeals CVM Instruction nº 61 of February 17th, 1987 and CVM Instruction nº 87 of November 3rd, 1988.
Resolution CVM 23: Provides for the registration and exercise of independent audit activity within the securities market and defines the duties and responsibilities of the directors of the audited entities in the relationship with the independent auditors.
Resolution CVM 24: Approves the Bylaws of the Securities Commission of Brazil (CVM).
Resolution CVM 29: Provides for the rules for the constitution and operation of an experimental regulatory environment (regulatory sandbox) and revokes CVM Instruction No. 626 of May 15, 2020.
Resolution CVM 30: Provides for the duty to verify the suitability of products, services, and operations to the customer's profile and repeals CVM Instruction nº 539 of November 13th, 2013.
Resolution CVM 31: Establishes rules and procedures for the provision of services by central securities depositories and revokes CVM Instruction No. 541, from December 20, 2013.
Resolution CVM 32: Provides for the provision of securities custody services and revokes CVM Instruction No. 542, of December 20, 2013.
Resolution CVM 33: Provides for the provision of securities registrar services and issuance of securities certificates and revokes CVM Instruction No. 543, of December 20, 2013.
Resolution CVM 35: Establishes the rules and procedures to be observed in the intermediation of transactions with securities in regulated stock markets and revokes CVM Resolution No. 105, of January 22, 1991, and CVM Instruction No. 51, of June 9, 1986, CVM No. 333, of April 6, 2000, CVM No. 505, of September 27, 2011, CVM Instruction No. 526, of September 21, 2012; CVM Instruction No. 581, of September 29, 2016; CVM Instruction No. 612, of August 21, 2019; and CVM Instruction No. 618, of January 28, 2020.
Resolution CVM 44: Provides for the disclosure of information on a relevant act or fact, the trading of securities pending an undisclosed relevant act or fact and the disclosure of information on the trading of securities, and revokes CVM Instructions Nr. 358, of January 3rd of 2002, Nr. 369, of June 11th, 2002, and Nr. 449, of March 15th, 2007.
Resolution CVM 45: Provides for the rite of proceedings relating to sanctioning action within the Securities and Exchange Commission of Brazil - CVM, and revokes CVM Instructions No. 607, of June 17, 2019, No. 613, of August 30, 2019, No. 624, of May 13, 2020, and CVM Deliberations No. 501, of March 3, 2006, No. 855, of April 30, 2020, and No. 861, of July 23, 2006, No. 855, April 30, 2020, and No. 861, of July 23, 2020.
Resolution CVM 50: Provides for the anti-money laundering, countering the financing of terrorism and countering proliferation weapons of mass destruction financing - AML/CFT/CPF within the securities market and revokes CVM Instruction No. 617, of December 5, 2019 and the Explanatory Note to CVM Instruction No. 617, of December 5, 2019.
Resolution CVM 53: Provides for the Integrated Risk Management System of the Securities and Exchange Commission of Brazil (CVM) and revokes CVM Deliberation No. 757 of November 24, 2016.
Resolution CVM 60: Provides for credit rights securitization companies registered with the CVM and revokes CVM Instructions no. 414, of December 30, 2004, 443, of December 8, 2006, 600, of August 1, 2018, and 603, of October 31, 2018.
Resolution CVM 77: Provides for the trading of shares and the purchase of bonds of own issuance, and revokes CVM Instructions Nr. 567, of September 17th, 2015, and 620, of March 17th, 2020.
Resolution CVM 80: Provides for the registration and provision of periodic and eventual information of issuers of securities admitted to trading on regulated securities markets.
Resolution CVM 81: Provides for meetings of shareholders, bondholders and holders of promissory notes and commercial notes.
Resolution CVM 85: Establishes the tender offer for publicly held company and revokes CVM Instructions Nr. 361, of March 5^th, 2002, Nr. 436, of July 5^th, 2006, Nr. 487, of November 25^th, 2010, Nr. 492, of February 23^rd, 2011, and Nr. 616, of December 3^rd, 2019.
Resolution CVM 88: Provides for the public offer for the distribution of securities issued by small business companies carried out with waiver of registration through an electronic participatory investment platform and revokes CVM Instruction No. 588, of July 13, 2017.
Resolution CVM 135: Provides for the operation of regulated securities markets; the constitution, organization, operation, and extinction of trading venues and trade repositories; the provision of services referred to in § 4 of article 2 of Law No. 6,385, of December 7, 1976, and article 28 of Law No. 12,810, of May 15, 2013; and revokes CVM Instruction No. 168, December 23, 1991, CVM Instruction No. 283, of July 10, 1998, CVM Instruction No. 312, of August 13, 1999, CVM Instruction No. 330, of March 17, 2000, CVM Instruction No. 461, of October 23, 2007, CVM Instruction No. 467, of April 10, 2008, CVM Instruction No. 468, of April 18, 2008, CVM Instruction No. 499, of July 13, 2011, CVM Instruction No. 508, of October 19, 2011, CVM Instruction No. 544, of December 20, 2013, and the Explanatory Note CVM No. 24, of November 27, 1981.
Resolution CVM 160: Provides for public offerings of primary or secondary distribution of securities and the trading of securities offered on regulated markets and revokes the CVM Instructions Nº 400, of December 29, 2003, CVM Nº 471, of August 8, 2008, CVM Nº 476, of January 16, 2009, CVM Nº 530, of November 22, 2012, and CVM Deliberations Nº 476, of January 25, 2005, CVM Nº 533, of January 29, 2008, CVM Nº 809, of February 19, 2019, CVM Nº 818, of April 30, 2019, and CVM Nº 850, of April 7, 2020.
Resolution CVM 161: Provides for the public offering coordinators' registration for the distribution of securities and for the rules, procedures, and internal controls to be complied with in the intermediation of such offerings.
Resolution CVM 175: Provides for the creation, operation, and disclosure of information of investment funds, as well as the provision of services for the funds, and revokes the regulations that specifies.
Resolution CVM 193: Regulates preparation and disclosure of sustainability-related financial information based on the international standards issued by the International Sustainability Standards Board – ISSB.

Resolution CMN

Resolution CMN 3427: Establishes, as a policy to be complied with in the securities market and as a general guide for CVM regulatory activities, the adoption of a model of regulation and supervision based on risk, with the implementation of a Risk Based Supervision System of the securities market - SBR.
Resolution CMN 4373: Provides for non-resident investors’ investments in the Brazilian financial and capital markets and gives other provisions.

Legal Opinions

Legal Opinion 31: Understanding note about article 3 of Instruction CVM 301, of April 16, 1999 ("Money Laundering"), related to the maintenance and update of client registration data.
Legal Opinion 32: The use of the Internet in securities offerings and intermediation of operations.
Legal Opinion 33: Intermediation of operations and the offering of securities issued and admitted to trading in other jurisdictions.

Explanatory Notes

Explanatory Note to CVM Resolution 50: Provides more detailed clarifications on the execution of CVM Resolution nº 50, of August 31, 2021.

Circular Letters

Circular Letter No.3/2018-CVM/SMI/SIN: Customer record of non-resident investors. Status of nonperformance of the agreement with the foreign broker.
Circular Letter No.4/2020-CVM/SMI/SIN: Main improvements in AML/CFT/CPF processes associated with the entry into force of CVM Instruction No. 617/19.
Circular Letter No.1/2022-CVM/SMI/SIN: Regular sharing of information for the purposes to anti-money laundering, financing terrorist and the proliferation of weapons of mass destruction financing – AML/CFT/CPF